, 1887-09-21
LIGHT WEIGHT GOLD COINS.

Laws Which Prevent Them from Being
Redeemed-one Mans Experience.
when is IS not S52" was the conun-
drum hurled at the head of a reporter
by Edwin L. Albeit. He is a well known
attorney, active in politics and the brother
of Ex-Governor Leon Albeit, CT New Jer-
sey. When the reporter had confessed
that he was ignorant enough to believe
that So was always So, he replied: Mot
if it Is Light weight. Let me tell you a
story of my experience with a SIS gold
piece. Mind you, it was a gold piece
the coin of the realm. 1t had been given
me by a client, with a number of other
pieces and some paper money. don't
know at what bank he procured it, but 1
know that he went to some bank to get
the cash for me N returned with this
piece among others. The banks pay
them out. but they don't take them in
when they kno it, as / found out later.
There is a restaurant near my place OF
business where 1 nave little business
transactions occasionally with the pro-
prietor or the man behind the counter.
During the day this So gold piece went
over that counter. The handsome young
man with tho white apron balanced it in
his palm for a moment and then handed
it back, saying: It's light weight, sir;
we can't pass them l was staggered.
1 thought a So gold piece was good for
something for its intrinsic value at least.
But after satisfying myself that it was
light weight, 1 put it back into my
pocket n paid the bill out of other
funds.
1T occurred to me that 1 ought to test
he passing qualities of the coin once
more, SO l tried it at tine cigar store on
my way up Broadway. 1t was no go.
Then 1 sailed into the Park National
bank. l told the cashier frankly that 1
understood the coin to be light weight,
and asked him to give me its value. We
can't do anything with it, said he. But
he suggested that L might be relieved at
the sub-treasury. By this time l was
somewhat mad, and 1 determined to fol-
low that So gold piece to some kind of a
resting place if it took all day. At the
treasury there was less encouragement
than any place l had yet entered. They
said they could not exchange it or re-
deem it or do anything with 1t. This
struck me as q strange condition of
things. AS l went along Nassau street
in q brown study ny eye happened to
light on the sign of an Office on John
street. There is an announcement there
that old gold will be bought. 1 walked
in and held out the coin. It's short
weight was all l said. so l see,' said
the man in attendance, as he held it in
his hand. What can you do with it?'
I asked. Melt it, was his reply. He
gave me $4.70 for 1t, the value of the
gold.
Curiosity possessed me to know what
would be done with it. He said the
gold would be used for manufacturing
purposes. Then it struck me that there
is somewhere OF the statute books an
iron clad law that no United States coin
shall be melted up for manufacturing
purposes under heavy penalties. 1
looked the law up. There 1t is, an old
law, very old, but 1 believe still in force.
II l am correct about it, do you see the
situation? The government issues a gold
coin. 1t says it shall be Of such a weight,
but it must necessarily get worn and
abraded in constant circulation. Then it
says it shall not be redeemable in any
way, shall become worthless in cIrcula.
ton because it is not redeemable, and
yet shall not be converted into anything
else. My gold piece bore date of 1S47.
1 think on the whole 1 prefer greenbacks
to coin, especially short weight coin" -
New York Tribune.